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布鲁克菲尔德资产管理（BAM）与VinFast Auto Ltd.（VFS）财务数据对比。点击上方公司名可切换其他公司
布鲁克菲尔德资产管理的季度营收约是VinFast Auto Ltd.的1.5倍（$1.1B vs $718.6M），布鲁克菲尔德资产管理净利率更高（56.7% vs -2.8%，领先59.5%）
布鲁克菲尔德资产管理有限公司是加美两地的另类资产管理机构，2022年12月从布鲁克菲尔德集团的资管业务分拆成立，在全球范围内管理不动产、基础设施、可再生能源、私募股权及信贷市场等领域的投资。
VinFast Auto Ltd.是越南跨国汽车企业，由越南最大私营综合企业集团之一Vingroup创立。Vingroup由越南知名企业家潘日旺创办，业务覆盖地产、零售、医疗、科技等多个领域，是越南本土头部企业集团。
BAM vs VFS — 直观对比
营收规模更大
BAM
是对方的1.5倍
$718.6M
净利率更高
BAM
高出59.5%
-2.8%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $718.6M |
| 净利润 | $615.0M | $-20.0M |
| 毛利率 | — | — |
| 营业利润率 | 84.2% | -96.1% |
| 净利率 | 56.7% | -2.8% |
| 营收同比 | — | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | — | — |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收BAMVFS
| Q4 25 | $1.1B | — | ||
| Q3 25 | $974.0M | $718.6M | ||
| Q2 25 | $931.0M | $663.0M | ||
| Q1 25 | $954.0M | $656.5M | ||
| Q3 24 | $873.0M | $511.6M | ||
| Q2 24 | $821.0M | — | ||
| Q1 24 | $786.0M | $302.6M |
净利润BAMVFS
| Q4 25 | $615.0M | — | ||
| Q3 25 | $692.0M | $-20.0M | ||
| Q2 25 | $584.0M | $-51.8M | ||
| Q1 25 | $507.0M | $-26.1M | ||
| Q3 24 | $537.0M | $-10.4M | ||
| Q2 24 | $124.0M | — | ||
| Q1 24 | $373.0M | $-618.3M |
营业利润率BAMVFS
| Q4 25 | 84.2% | — | ||
| Q3 25 | 79.1% | -96.1% | ||
| Q2 25 | 70.8% | -79.0% | ||
| Q1 25 | 61.0% | -74.0% | ||
| Q3 24 | 72.5% | -65.9% | ||
| Q2 24 | 80.4% | — | ||
| Q1 24 | 56.5% | -139.4% |
净利率BAMVFS
| Q4 25 | 56.7% | — | ||
| Q3 25 | 71.0% | -2.8% | ||
| Q2 25 | 62.7% | -7.8% | ||
| Q1 25 | 53.1% | -4.0% | ||
| Q3 24 | 61.5% | -2.0% | ||
| Q2 24 | 15.1% | — | ||
| Q1 24 | 47.5% | -204.3% |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.6B | $8.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $8.9B | — |
| 总资产 | $17.0B | $183.2M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资BAMVFS
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.1B | $8.8M | ||
| Q2 25 | $480.0M | $650.0M | ||
| Q1 25 | $332.0M | $2.4M | ||
| Q3 24 | — | $1.9M | ||
| Q2 24 | $10.0M | — | ||
| Q1 24 | — | $3.0M |
股东权益BAMVFS
| Q4 25 | $8.9B | — | ||
| Q3 25 | $8.5B | — | ||
| Q2 25 | $8.5B | $-7.2B | ||
| Q1 25 | $8.5B | — | ||
| Q3 24 | $9.0B | — | ||
| Q2 24 | $3.2B | — | ||
| Q1 24 | $2.2B | — |
总资产BAMVFS
| Q4 25 | $17.0B | — | ||
| Q3 25 | $16.5B | $183.2M | ||
| Q2 25 | $16.1B | $7.2B | ||
| Q1 25 | $15.0B | $158.2M | ||
| Q3 24 | — | $151.8M | ||
| Q2 24 | $4.2B | — | ||
| Q1 24 | — | $145.6M |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $562.0M | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 0.91× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流BAMVFS
| Q4 25 | $562.0M | — | ||
| Q3 25 | $745.0M | — | ||
| Q2 25 | $529.0M | — | ||
| Q1 25 | $265.0M | — | ||
| Q3 24 | $567.0M | — | ||
| Q2 24 | $159.0M | — | ||
| Q1 24 | $516.0M | — |
现金转化率BAMVFS
| Q4 25 | 0.91× | — | ||
| Q3 25 | 1.08× | — | ||
| Q2 25 | 0.91× | — | ||
| Q1 25 | 0.52× | — | ||
| Q3 24 | 1.06× | — | ||
| Q2 24 | 1.28× | — | ||
| Q1 24 | 1.38× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
BAM
| Incentive Fees | $452.0M | 42% |
| Infrastruture | $332.0M | 31% |
| Private Equity | $174.0M | 16% |
| Renewable Power And Transition | $66.0M | 6% |
| Other | $47.0M | 4% |
| Management And Advisory Fees | $14.0M | 1% |
VFS
| Sales of vehicles | $662.9M | 92% |
| Sales of spare parts and components | $41.3M | 6% |
| Revenue from leasing activities | $12.3M | 2% |
| Finance income | $2.4M | 0% |
| Rendering of services | $1.2M | 0% |
